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Micro Loan Programs
Energy Efficiency Improvement Program
Provide direct loans up to $75,000 at a fixed rate of 3% or two points below prime, whichever is greater, to provide capital to businesses to invest in energy efficiency and improve their profitability through reduced energy costs and enhance their ability to retrain and create jobs. Loan term is tied to payback of the improvement. All applicable utility rebates are applied to the principle of the loan.

Eligible uses: Facility systems optimization (commissioning/re-commissioning), facility systems control improvements, process efficiency improvements (CenterPoint Energy), lighting efficiency improvements, heating, ventilation and air conditioning system modifications, exterior envelope improvements, motor and pump efficiency improvements, ground-source heat pump systems wed to heat or cool a facility. Installation of equipment or devices that we renewable energy sources to generate electricity or heat or cool a building including solar electricity (photovoltaic), wind turbine or solar thermal and other improvements as approved by the applicable utility provider.

Downtown Revitalization Financing Program
Provides loans up to $75,000 at a fixed rate of 2% for business development and building renovation in the Downtown District.

Eligible uses include: Building construction, initial build out, land acquisition, machinery, furniture, fixtures, equipment renovation, and modernization of buildings, exterior renovation of retail, commercial and industrial buildings, public infrastructure and investment real estate with a minimum of 50% of the space pre-leased.

Ineligible uses include: Working capital, inventory, or the refinancing of existing debt.

Industrial Incentive Program
Provides loan amounts up to $100,000 at two points below prime or 3%, whichever is greater, to industrial business for real estate, equipment, and infrastructure costs associated with locating or expanding in Elk River. Job creation requirements apply to loans greater than $75,000.

Job Incentive Program
Provides loans up to $200,000 of secondary financing not to exceed 20% of the project cost.  The loan is to assist existing businesses with expansion and attract new businesses to the city whose local operations will help expand the city's economy through job retention and creation and maintain/grow the city's tax base.  The purpose of the Jobs Incentive Program is to encourage the creation of high paying and quality jobs to the city.

Eligible uses:  building construction, land acquisition, machinery, furniture, public infrastructure, exterior renovation and modernization of buildings.

Ineligible uses:  restaurants, retail businesses, casinos, or sports facilities.

Job Incentive Program Application